Dr. Edward C. Prescott, Nobel laureate, whose work has altered the course of macroeconomic thinking in the past three decades, anchors the Department of Economics. His research spans many areas, including business cycles, economic development, general equilibrium theory and finance, and has addressed some of the most important long-standing questions in economics. Professor Prescott is also a senior advisor in the research department at the Federal Reserve Bank of Minneapolis, a position he retains while on the faculty at the W. P. Carey School of Business.

In 2002, Professor Prescott presented the Richard T. Ely Lecture at the American Economic Association Meetings, "Prosperity and Depression". Also in 2002, he was awarded the Erwin Plein Nemmers Prize in Economics, a prestigious honor for economists for "major contributions to new knowledge or the development of significant new modes of analysis." It is intended that the contributions be of the quality associated with the highest achievements in the profession.

In 1997, Prescott presented the first Lawrence R. Klein Lecture, "Needed: A Theory of Total Factor Productivity"; in 1994, the third Pareto-Walras Lecture, "Barriers to Riches"; and in 1990, the first Lionel McKenzie Lecture, "Dynamic Coalitions".

In introducing Professor Prescott for the Richard T. Ely Lecture, Dr. Robert E. Lucas Jr., 1995 Nobel Laureate in Economics, said "We can remember the way we thought about the issues before Prescott's analysis, and the comparison with the way we think about them now gives a measure of the enormous effect each paper has had on our thinking….. [Prescott's] papers met with resistance, but in the end [he has] caused us to rearrange important parts of our vision of how the economy works, to start over in many respects."

Prescott is also revered for his teaching, especially at the graduate level. "His students don't learn to be acolytes of Ed Prescott," Lucas said. "They learn to be excellent researchers, to think for themselves."

ASU President Michael Crow has made economics a high priority in his efforts to raise the stature of the university. "The university recognizes that a concentration of economic thinkers is a vital component to a university that leads intellectually," said President Crow. "ASU is determined to build such an economics department in the W. P. Carey School, and has pledged significant new resources to make it happen." Professor Prescott is the ideal building block for this task because of his superlative professional record. He has challenged the conventional thinking in the economics profession in the ways that only the elite do. He also is known for his absolute dedication to the profession of economics research and economics education. A large number of the top macroeconomists in the country have studied under Ed Prescott and have been inspired to great achievements in their profession by him. Now, students at ASU will have this unique opportunity.

The Department of Economics is home to several other renowned scholars, including Professor Alejandro Manelli, the Bank One Professor; Professor Manuel Santos, the Basha Heritage Chair; and Professor Richard Rogerson, the Rondthaler Chair. Endowed Professorships